The Farley-Buneman instability is studied in the partially ionized plasma of the solar chromosphere taking into account the finite magnetization of the ions and Coulomb collisions. We obtain the threshold value for the relative velocity between ions and electrons necessary for the instability to develop. It is shown that Coulomb collisions play a destabilizing role in the sense that they enable the instability even in the regions where the ion magnetization is greater than unity. By applying these results to chromospheric conditions, we show that the Farley-Buneman instability can not be responsible for the quasi-steady heating of the solar chromosphere. However, in the presence of strong cross-field currents it can produce small-scale, $sim 0.1-3$ m, density irregularities in the solar chromosphere. These irregularities can cause scintillations of radio waves with similar wave lengths and provide a tool for remote chromospheric sensing.
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